Bank of Valletta announced that it will no longer be charging the high-balance fee on deposits to non-personal customers. The high-balance fee was introduced as a result of the negative interest rate scenario that was prevalent till end of July 2022. The fee has been withdrawn from the Bank's tariff of charges as from 1st August 2022.
Mr Albert Frendo, Chief Business Banking Officer explained that, "the Bank is following and adapting to the evolving environment, ensuring that the changes in market dynamics are reflected in our pricing and business strategy. Concurrently, we are ensuring that the level of corporate deposits are sustainable and within the required parameters as reflected in our asset and liability management. Within such perspective, we make sure that any benefits resulting from market changes are immediately accrued to the customer, whilst effectively managing negative changes as much as possible."
The Bank's decision dovetails with other efforts being made in support of Maltese entrepreneurs. "Within an ensuing inflationary period, the Bank continues to ensure that it remains the key provider of commercial funding, underpinned by strong lending fundamentals and effective feasibility assessments to continue supporting sustainable economic growth in the various economic sectors that are driving the Maltese economy," concluded Mr Frendo.
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